Journal of Economics - Obsahy ročníkov

The article analyzes the importance of the capital creating process and trends in several of its structural cross-sections in Slovakia. The course of investment process in the Slovak Republic is being compared with its development in the EU-15. The investment structure in the Slovak economy is characterized by the lower share of investment into human capital (and higher investment share into capital stock) than in the EU-15. Within the structure of tangible investment in the SR in 2005 investment in the industry dominated over investment into services. In the tangible investment into manufacturing over the years 2005 and 2006 more than a half share of investment was directed into industries with high and higher me-dium technologies. High investment intensity of economic growth in the Slovak Republic will be retained even in the future years. It will rest on the shoulders of foreign investors. Keywords: economic growth, investment, country study – Slovak Republic JEL Classification: E22, O11, O52

The paper uses a single-period option-based model to analyze the net value of business income under uncertainty, focusing on the effects of tax asymmetries and observing the distinct features of individual and corporate forms of business organization. Its parameters include the income tax structure and corporate leverage. Results are illustrated on applications using 2007 data in the Czech Republic and Slovakia. Various asymmetries are identified and discussed, leading to a hypothesis on the incentive to incorporate, less pronounced under the Czech tax framework, which tends to favour the personal form for a range of businesses. Keywords: real options, income tax, incorporation, limited liability, corporate leverage, progressive taxation JEL Classification: C15, D81, G32, G38, H21, H30

Beginning of the 21st century has brought new challenges to the European Union that are crucial for its future. As a result of political changes in Europe at the end of the 1980s and the beginning of the 1990s space for enlargement evolved and the Central and Eastern European countries showed definite interest in EU membership. Furthermore, there are other factors to be taken into account with regard to developments in the EU. Probably the most important one is the globalization process. Reflections on optimisation of inner isolation from other nations are undoubtedly obsolete. The Union has to offer framework conditions to ensure internal and external security to the whole integrated area and its members. This article focuses on changes in the integration process of the EU invoked by the facts mentioned above. Keywords: integration, European Union, widening, deepening, perspectives, Reform Treaty JEL Classification: F15, F53, F55

Linkages among international trade, economic growth and poverty eradication have gained again increased attention in policies of the World Bank which has been criticized for its uniformed attitude towards developing countries and that the World Bank leads these countries to too rapid liberalization reforms. Paper tries to contribute to the debate on the World Bank's trade related activities on the basis of comparison of economic development of a group of developing countries which have liberalized their trade relations with the assistance of the World Bank's trade related loans with a group of countries which have not used them. The comparison is based on the analysis of index of determination trends and GDP growth rate trends are analysed using Richard's curve. Keywords: World Bank, trade liberalization, developing countries, economic growth JEL Classification: O19, F13

The article aims at developing a conceptual scheme of factors, mechanisms and processes of regional development. Firstly, possible approaches towards classification of factors, mechanisms and processes are presented. Then, methodology of critical realism is employed in order to outline systemic relations among regional development factors, mechanisms and processes. Finally, directions of further research in this sphere are suggested. Keywords: classification of regional development actors, mechanisms and proces-ses, methodology of critical realism, geographic and socioeconomic disparities JEL Classification: R10, R11, G18

The article aims at developing a conceptual scheme of factors, mechanisms and processes of regional development. Firstly, possible approaches towards classification of factors, mechanisms and processes are presented. Then, methodology of critical realism is employed in order to outline systemic relations among regional development factors, mechanisms and processes. Finally, directions of further research in this sphere are suggested. Keywords: classification of regional development actors, mechanisms and processes, methodology of critical realism, geographic and socioeconomic disparities JEL Classification: R10, R11, G18